DB spooking the market lower

With DB spooking the US equity market, resulting in broad net daily declines, price momentum on the giant monthly cycle has turned back to fractionally negative.

sp'monthly9

Summary

With one trading day left of the month, underlying price momentum is back to fractionally negative.

As ever, the monthly close will be important, although having broadly climbed since the Jan/Feb' lows, its not absolutely necessary for the equity bulls to achieve a particularly bullish Sept'.

Clearly though, if Oct' and Nov' start to show increasing weakness... then things get interesting, as a failure at the MACD zero threshold can be the most bearish scenario.